Palomar (PLMR) financial statements
Palomar reported revenue of $876M in fiscal 2025, up 40.0% a year over 8 years.
Net income was $197M and the operating margin 28.9%, against 8.3% in 2017.
Free cash flow was $403M, and the company returned $37M in net buybacks.
The diluted share count rose 62% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Palomar's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59M | $73M | $113M | $168M | $248M | $327M | $376M | $554M | $876M |
| Operating income | $5M | $18M | $18M | $6M | $57M | $68M | $104M | $151M | $253M |
| Interest expense | $2M | $2M | $1M | — | $40,000 | $873,000 | $4M | $1M | $392,000 |
| Pre-tax income | $5M | $18M | $18M | $6M | $57M | $68M | $104M | $151M | $253M |
| Income tax | $1M | -$6,000 | $7M | -$34,000 | $11M | $15M | $24M | $34M | $56M |
| Net income | $4M | $18M | $11M | $6M | $46M | $52M | $79M | $118M | $197M |
| EPS (diluted) | $0.22 | $1.07 | $0.49 | $0.24 | $1.76 | $2.02 | $3.13 | $4.48 | $7.17 |
| Diluted shares | 17M | 17M | 22M | 26M | 26M | 26M | 25M | 26M | 27M |
| Operating margin | 8.3% | 25.0% | 16.0% | 3.7% | 23.1% | 20.7% | 27.6% | 27.3% | 28.9% |
| Net margin | 6.4% | 25.0% | 9.4% | 3.7% | 18.5% | 15.9% | 21.1% | 21.2% | 22.5% |
Balance sheet
Fiscal years, from Palomar's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $10M | $33M | $34M | $50M | $68M | $52M | $80M | $107M |
| Receivables | — | $19M | $36M | $49M | $88M | $163M | $262M | $306M | $453M |
| Property, plant and equipment | — | $947,000 | $845,000 | $739,000 | $527,000 | $603,000 | $373,000 | $429,000 | $3M |
| Goodwill | — | — | — | — | — | $0 | $4M | $4M | $30M |
| Total assets | — | $231M | $395M | $729M | $926M | $1.3B | $1.7B | $2.3B | $3.1B |
| Total liabilities | — | $135M | $177M | $365M | $532M | $922M | $1.2B | $1.5B | $2.1B |
| Shareholders' equity | $78M | $96M | $219M | $364M | $394M | $385M | $471M | $729M | $943M |
| Net debt | -$11M | -$10M | -$33M | -$34M | -$50M | -$68M | -$52M | -$80M | -$107M |
Cash flow
Fiscal years, from Palomar's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20M | $23M | $45M | $57M | $88M | $170M | $116M | $261M | $409M |
| Capital spending | $68,000 | $332,000 | $3M | $4M | $5M | $6M | $7M | $6M | $6M |
| Free cash flow | $20M | $22M | $42M | $53M | $83M | $164M | $109M | $255M | $403M |
| Stock-based compensation | $0 | $0 | $24M | $2M | $6M | $12M | $15M | $17M | $21M |
| Share buybacks (net) | — | — | — | — | -$16M | -$34M | -$22M | $0 | -$37M |
| Net borrowing | — | -$18M | — | — | — | — | — | — | — |
| Free cash flow margin | 33.9% | 30.8% | 36.7% | 31.7% | 33.5% | 50.0% | 29.1% | 46.1% | 46.0% |
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Open PLMR in InvestinglyQuestions
What was Palomar's revenue in 2025?
$876M in fiscal 2025, from its 10-K filing.
How much free cash flow does Palomar generate?
$403M in fiscal 2025 (operating cash flow minus capital spending).
From Palomar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.